Bharat Petroleum Buys Stake In Mozambique Oil Asset: State-run Bharat Petroleum Corp is acquiring a 10 per cent stake in an offshore hydrocarbons exploration and production asset in Mozambique for $75 mn, it was announced on Thursday. Videocon Energy Ventures, a company in the stable of the Dhoots, has also acquired a 10 per cent stake in the venture.

Tech Mahindra Acquires Minority Stake In Servista: Mahindra group company Tech Mahindra (TechM) has announced that it has acquired a minority equity stake in European systems integrator, Servista for an undisclosed amount. As a part of the agreement, TechM would be Servista's exclusive delivery arm for three years and would also assist the company in securing more large-scale European IT offshoring business. TechM would have the right to nominate a member onto Servista's Board of Directors, a release issued here stated. "This deal will drive Tech Mahindra's expansion into the European market place and will significantly enhance TechM's business development c apability," the release said. The Mahindra group company would also support Servista in delivering managed IT services and provide it with cost- efficient and highly-scaleable world-class solutions for their clients.

Millenium Spire Announces Launch Of Its Realty Project Spire Edge: Singapore-based private equity firm Millennium Spire Ltd has announced the launch of Spire Edge, an IT Park in Manesar near the national capital. Spire Edge is a 50:50 joint venture between MSL and A N Buildwell, is likely to be completed in next three years. The IT park will be spread over 1.6 million square feet of scalable eco-office complex with an energy saving capacity up to 30 per cent. The company also unveiled 'Spire World', its maiden platform to 'drive development of mainstream green projects. Millenium Spire's strategy and expansion plans in India. Millenium Spire is a global real estate fund, entered India a year ago. For a start, the Singapore-domiciled fund (with an office in Delhi) has committed $50 million investment in four projects - three in the Delhi and National Capital Region and one in Coimbatore. Millenium Spire most of its projects at the "emerging middle class - which may include affordable housing targeted at the end user (not for investors) and commercial space.

Oswal Group Acquires Bankrupt Textile Firm, FM Hammerle: Indian yarn maker Oswal Group has its Austrian joint venture partner, the now bankrupt textile firm FM Hammerle, media reports said. The Group's Rs.3.7-bn flagship, Vardhman Polytex, had announced a joint venture with the Dornbirn-based Hammerle in 2005 for setting up a Rs.2-bn greenfield yarn-dyed shirting fabric facility.

Capital Markets

Four In Race For Indiabulls Comex: A Reuters report suggested that there are four contenders who have expressed interest in picking up stake in the proposed commodity exchange of Indiabulls. It was in July that FMC ( Forward markets Commission) asked Indiabulls to reduce its stake in the proposed exchanges from 40% to 74%, in line with the rule that bars any single entity for holding more than 40%.

Industry

Shriram Properties To Launch SPV's For Retail And Hospitality: Shriram Properties, the real estate arm of Rs 25,000 crore Shriram Group, would launch two separate subsidiaries to promote projects in retail and hospitality segments. Shriram Properties, would develop 15 shopping malls and 70-80 budget hotels in the next three to four years period. Each mall would absorb an investment of Rs 250 crore while Rs 30-40 crore would be pumped in for each budget hotel. They are also looking at strategic partners for realty and hospitality projects.

Casino King Game To Gamble In India: Sooner, we may see more gambling happening in India. Las Vegas Sands Corporation, operator of Asia's biggest gambling resort, will consider spending $12 billion to build a strip of casinos in India similar to its project in Macau, chairman Sheldon Adelson. "We would like to build a Cotai Strip in India," US billionaire businessman Adelson told at a briefing in Macau on Thursday